Prices are currently facing bearish pressure s it is approaching pivot in line with 100% Fibonacci extension and 78.6% Fibonacci retracement, Prices might push up from pivot towards horizontal swing high resistance in line with 161.8% Fibonacci extension and 61.8% Fibonacci retracement. If prices push down further, price might take support on horizontal swing low support in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement. EMA is also below prices, showing bullish pressure for prices.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.